ExxonMobil, The Largest Oil Company In The U.S., Makes Three New Discoveries Containing Hydrocarbons And Increases The Resource Estimate For Stabroek To Nearly 11 Billion Barrels Of Oil

Continuous Success Validates ExxonMobil’s Ambitious Exploration Strategy, Increasing Estimate of Stabroek Block to Nearly 11 Billion Barrels of Oil

ExxonMobil, the U.S. oil giant, reported yesterday (04/26) in a relevant fact to the global market that it found, at 1,170 meters of water, in the Barreleye-1 well, sandstone containing hydrocarbons. Meanwhile, drilling in Patwa-1 encountered sandstone containing hydrocarbons at 6,315 feet (1,925 meters) of water. The Lukanani-1 well found 115 feet (35 meters) of sandstone containing hydrocarbons and was drilled to a water depth of 4,068 feet (1,240 meters). Operations are ongoing in Barreleye-1 and Lukanani-1.

The three discoveries are southeast of the Liza and Payara developments and bring the total to five discoveries made by ExxonMobil in Guyana in 2022.

“These discoveries and the updated resource estimate increase our confidence in our ambitious exploration strategy for the Stabroek Block and will help inform our future development plans for the southeastern part of the block,” said Liam Mallon, president of ExxonMobil Upstream Company. “ExxonMobil remains committed to delivering value at an accelerated pace to the people of Guyana, our partners, and shareholders, and providing reliable affordable energy to meet growing demand worldwide.”

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Oil Blocks in Guyana Explored by the Largest U.S. Oil Company Are Set to Produce Over 800,000 Barrels Per Day by 2025

Currently, ExxonMobil has four sanctioned projects in Guyana. Liza Phase 1 is producing approximately 130,000 barrels per day using the floating production storage and offloading vessel Liza Destiny (FPSO). Liza Phase 2, which began production in February, is steadily increasing its capacity to 220,000 barrels per day using the FPSO Liza Unity. The third project, Payara, is expected to produce 220,000 barrels per day; construction on its production vessel, the Prosperity FPSO, is proceeding approximately five months ahead of schedule, with startup likely before the end of 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

The Stabroek Block in Guyana spans 6.6 million acres (26,800 square kilometers). ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited, is the operator and holds a 45% stake in the Block. Hess Guyana Exploration Ltd. holds a 30% stake, and CNOOC Petroleum Guyana Limited holds a 25% stake.